On weekly chart, we are right on the trendline but the volume on daily doesn't quite support a reversal. So is this a dead cat bounce?
The weekly trend line is a stronger indicators than the volume of daily chart. Looking at the Fibonacci levels, on daily we should bounce back to 249 which is the 0.5 level but it would be 0.23 of the weekly. If the green volume doesn't increase moving forward, we could see another bearish movement that should potentially break the weekly trendline and get us closer to 266 support line. I'm leaning bearish after this bounce because of the down volume recoded on daily and lack of volume for today's move. But as I said, if the volume picks up tomorrow and increase over the next 3 candles, then the bull run may continue.